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Aug 16, 2022

July 2022 Consumer Price Index data: Canada’s inflation finally turns a corner with falling gas prices, but core pressures remain

Canada’s headline inflation finally showed signs of cooling, with total CPI slowing to 7.6% year-over-year in July. Gas prices continued to be a main driver — this month on the downside — but broader-based “core” inflation measures continued to rise, which means the Bank of Canada will continue to raise interest rates.

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